China's Stocks Rebound in Last Hour of Trading as Banks Advance
Chinese Economy Adds Plunging Exports to Market Trouble
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Chinese stocks rallied for the first time in five days on speculation state-backed funds bought shares after data showed signs of a weakening economy.
The Shanghai Composite Index advanced 2.9 percent to 3,170.45 at the close, with almost all of the gains coming in the last hour of trading. Late-day rallies have become a hallmark of government funds intervening to stabilize the equity market. About 32 stocks rose for each that fell on the gauge, while turnover declined to the lowest level in six months. China Citic Bank Corp. jumped 7 percent to lead gains by financial shares, while a measure of technology shares surged 4.7 percent.